Originally set to go live by end of 2024, Pectra will introduce new improvements to the Ethereum network as it goes live in March.
Ethereum, the world’s second-largest cryptocurrency network by market cap, is gearing up for Pectra in mid-March. This upgrade promises to transform the network with significant improvements in speed, scalability, and user experience.
One of Pectra’s standout features is EIP-7702, which introduces account abstraction. This will make transactions smoother and easier by combining steps like approvals and swaps into a single action. Users will also benefit from gas fee sponsorships and transaction bundling, making Ethereum more user-friendly.
This upgrade will implement EIP-7251, affecting validators. Currently, the validator’s maximum ETH stake allowed is 32, but Pectra will increase this limit to 2048 ETH. This change will enable smaller rewards to be added automatically, reducing the network’s workload.
Pectra promises to increase the capacity for “blobs,” which store transaction data, addressing scalability issues with EIP-7691. This means Layer 2 solutions and rollups will process transactions faster and more cheaply, making Ethereum more efficient for its users.
EIP-7623 enhances Ethereum’s performance by adjusting the cost of calldata, encouraging rollups to use blobs instead for data storage.
EIP-7002 and EIP-7685 focus on improving the interaction between Ethereum’s execution and consensus layers. These upgrades streamline validator withdrawals and enable smart contracts to directly interact with the staking layer, boosting security and reducing reliance on intermediaries.
EIP-2537 improves cryptographic processes, making Ethereum more efficient and better equipped for privacy and scalability technologies, such as zero-knowledge proofs.
The most recent significant Ethereum upgrade, “Dencun,” went live on the mainnet on March 13, 2024. It introduced key features aimed at enhancing scalability, efficiency, and reducing transaction costs.
Ethereum undergoes numerous upgrades to stay relevant as technology and user needs evolve. Initially, the network couldn’t handle a high volume of transactions, prompting upgrades for speed and cost efficiency.
Features like sharding and rollups have been introduced for this reason. Security remains a major focus; as cyber threats become more sophisticated, Ethereum’s upgrades aim to protect users and their assets.
In early November, the Ethereum Foundation launched the Mekong testnet to allow for a preview of Pectra. Per the EF, “Mekong is meant to be a playground for wallet developers to experiment with UX changes and for stakers to gain confidence in the upcoming changes. The testnet will be short-lived and is feature complete with all the intended EIPs for Pectra.”
The EF stated that the Mekong testnet has implemented all the EIPds from the Pectra fork.
